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NEWS RELEASES HELPFUL LINKS Introduced Version « Senate Bill 415 History OTHER VERSIONS  —  Committee Substitute (1)  |   |  Email Key:
NEWS RELEASES HELPFUL LINKS SB415 SUB1 « Senate Bill 415 History OTHER VERSIONS  —  Introduced Version  |   |  Email Key:
Red = new code to be enacted WEST VIRGINIA LEGISLATURE REGULAR SESSION Introduced Senate Bill 415 By Senators Tarr and Stollings [Introduced January 18, 2022;
Red = new code to be enacted WEST virginia legislature regular session Committee Substitute for Senate Bill 415 By Senators Tarr, Stollings, and Nelson [Originating in the Committee on Finance;
referred to the Committee on Finance] A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-13A-20b, relating to severance taxes;
reported on February 11, 2022]     A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-13A-20b, relating to severance taxes;
setting an effective date;
(a) Effective July 1, 2022, and every year thereafter, at the end of any fiscal year when the severance taxes collected pursuant to this article which are deposited into the state’s general revenue fund exceed eight and one-half percent of the state’s general revenue collections, the amount of taxes collected shall be distributed as provided in this section.
(a) Effective July 1, 2024, and every year thereafter, at the end of any fiscal year when the severance taxes collected pursuant to this article which are deposited into the state’s General Revenue Fund exceed eight and one-half percent of the state’s general revenue collections, the amount of taxes collected shall be distributed as provided in this section.
(1) The first eight and one-half percent shall remain in the general revenue fund;
(1) The first eight and one-half percent shall remain in the General Revenue Fund.
(b) A special revenue account to be known as the “Economic Development Growth Encouragement” Fund is hereby created.  The fund shall be administered by the Secretary of the Department of Economic Development.  Expenditures from this fund shall be for the purposes set forth in §5B-2-1 et seq.
(b) A special revenue account to be known as the Economic Development Growth Encouragement Fund is hereby created.  The fund shall be administered by the Secretary of the Department of Economic Development.  Expenditures from this fund shall be for the purposes set forth in §5B-2-1 et seq.
of this code and upon the fulfillment of the provisions of §11B-2-1 et seq.
of this code, and upon the fulfillment of the provisions of §11B-2-1 et seq.
  NOTE:
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The purpose of this bill is to diversify certain severance tax funds, capping severance tax collections in general revenue at a specified percentage and dedicating any excess above the specified percentage to a special revenue account;
creating an Economic Development Growth Fund;
setting out the purpose of the account and use of funds therein;
and providing for administration of the account.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
Bill Status  |  Bill Tracking  |  Legacy WV Code  |  Bulletin Board  |  District Maps  |  Senate Roster  |  House Roster  |  Live  |  Blog  |  Jobs  |  Links  |  Home This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.
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